Cardiff Review is created, designed edited and published by Jeff Baxter. Please e-mail cardiffreview@yahoo.co.uk for submissions,criticisms, ideas and general abuse.
Debt and its victims
Total UK Personal debt in Sept 2007 stood at £1,355bn.
Debt has become an integrated part of every day life. Credit Cards, overdrafts, CCG's, Bank Charges, Catalogues, Loans, Council Tax arrears, Housing Benefit arrears, Mortgages, Crisis Loans, the borrowing to survive and the spending to not go without or to pay off some other debt, just to take on more debt! Xmas is approaching and so the cycle of consumer borrowing and spending refreshes itself once again.
The Citizens' Advice Bureau said the level of enquiries in Wales about personal debt had increased from 66,644 in 2005/6 to 91,368 2006/7. It could take 77 years on average for people asking Citizens Advice for help with debt to get back into the black, according to a report from the charity . The Citizens Advice chief executive has commented "Low income, combined with badly informed and poorly understood financial decisions, are at the root of many of our clients' debt problems,"
If you find that you are in debt and having difficulty coping there are some useful agencies in the Cardiff. No not the ones with bad adverts for 'Consolidate your loans into one easy payment!" (Yeah and risk losing your home and being tied into a debt that really will take forever to clear) rubbish.
There are advice agencies that can advocate on your behalf to creditors and either get your debt reduced to more realistic payments and get the companies to stop their threatening phone calls and letters (which you usually get charged for the privilege for).
The world we now live in seems not be able to function without debt. Regardless of what politicians say, the truth is, we will never be debt free. The reason for this is that we live in a capitalist society. This type of society needs debt to function.
Darren Purvis
October 2007